SOURCE: AutoInfo, Inc.

November 14, 2011 09:33 ET

AutoInfo, Inc. Announces Third Quarter Results

BOCA RATON, FL--(Marketwire - Nov 14, 2011) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter and nine months ended September 30, 2011.

For the nine months ended September 30, 2011, the Company reported gross revenues of $247.8 million as compared with $200.4 million for the prior year period. Income from operations was $4.5 million as compared with $3.7 million for the prior year period. Net income was $2,509,000 and basic earnings per share were $.07 per share for the current period, as compared with $1,985,000 and $.06 per share for the prior year period.

For the three month period ended September 30, 2011, the Company reported gross revenues of $85.4 million as compared with $74.0 million for the prior year period. Income from operations was $1.7 million as compared with $1.5 million for the prior year period. Net income was $944,000 and basic earnings per share were $.03 per share for the current period, as compared with $833,000 and $.02 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report third quarter and nine month results reflecting significant increases in revenues and profits over the prior year period. In 2011, we have continued to broaden our service lines and expand our agent network as we continue to focus on opportunities through both intrinsic and external growth. In July we acquired the non-asset based truck agent business unit from a significant agent and have integrated operations. As we near the end of 2011, we will continue to broaden our transportation service offerings, expand our agent network and pursue strategic growth opportunities."

AutoInfo, Inc. operates in two business segments, non-asset based transportation services and agent support services. The non-asset based transportation services segment includes our brokerage and contract carrier services which are provided through a network of independent sales agents throughout the United States and Canada. Revenue in this segment is generated from freight transportation transactions. The agent support services segment includes an array of services that we provide to our agent network to support and encourage the expansion of our agents' businesses, primarily financial support through interest bearing long-term loans and non-interest bearing short-term loans, as well as other services including training, margin analysis, marketing assistance, industry and market segment data and business analysis tools. Revenue in this segment consists primarily of interest on interest bearing loans.

This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
Nine Months Ended September 30 Three Months Ended September 30
2011 2010 2011 2010
Gross revenues $ 247,803,000 $ 200,439,000 $ 85,359,000 $ 73,963,000
Income from operations 4,484,000 3,770,000 1,651,000 1,529,000
Income before income taxes 4,081,000 3,240,000 1,532,000 1,353,000
Income taxes 1,572,000 1,255,000 588,000 520,000
Net income $ 2,509,000 $ 1,985,000 $ 944,000 $ 833,000
Net income per share:
Basic $ .07 $ .06 $ .03 $ .02
Diluted $ .07 $ .06 $ .03 $ .02
Weighted average number of Common shares:
Basic 33,854,000 33,496,000 34,043,000 33,496,000
Diluted 35,341,000 34,549,000 35,194,000 34,591,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010
September 30, December 31,
2011 2010
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 139,000 $ 316,000
Accounts receivable, net 50,860,000 49,736,000
Current portion of advances and other assets 1,214,000 2,117,000
Prepaid expenses 2,041,000 1,139,000
Deferred income taxes 328,000 135,000
Total current assets 54,582,000 53,443,000
Other assets 14,928,000 13,284,000
Total assets $ 69,510,000 $ 66,727,000
Current liabilities:
Accounts payable and accrued liabilities $ 27,401,000 $ 23,188,000
Loan payable 18,379,000 22,432,000
Stockholders' equity 23,730,000 21,107,000
Total liabilities and stockholders' equity $ 69,510,000 $ 66,727,000

Contact Information

  • Contact:
    William I. Wunderlich
    Chief Financial Officer
    (561) 988-9456 ext 201